Sri Lanka's economic resurgence over the past year continues, according to international media coverage.

Referring to global media coverage on Sri Lanka’s economic resurgence, PRNewswire-USNewswire draws attention to the AFP report which states, "Sri Lanka's central bank raised its growth forecast for the year, citing strong post-war expansion in reconstruction and agriculture, particularly in former conflict zones." Central Bank Governor Nivard Cabraal forecasted the economy will expand to 7 percent in 2010, higher than its previous prediction of 6.5 percent and a sharp rise on the 3.5 percent recorded in 2009, according to financial press reports.

The press coverage comes after the Central Bank Governor finished a two-day visit to Sri Lanka's north, home to most of the country's Tamil population, PRNewswire-USNewswire further notes. From his trip he made the following statement: "Economic activity in the north and east is picking up in areas like farming, fishing, construction, dairy produce, banking and telecommunications. 2010 will be a good year."

Growth comes after the end of a 37-year conflict between the government and the terrorist group, LTTE.

During his visit, Cabraal noted that the financial services industry is particularly growing in the North. Tamil expatriates who send remittances are keys to the economic boom but also are helping Sri Lankans rebuild after the conflict.

"The banking financial sector is keen to tap the vast deposit base as well as the foreign remittance market. A lot of diaspora cash is coming into the northern and eastern regions to help relatives rebuild their lives," quoting the Central Bank Governor PRNewswire-USNewswire reported.

Recently, the Central Bank of Sri Lanka issued a road map to set out the policy actions the government will take for 2010 and beyond. One of the goals is to upgrade the country's sovereign rating B+ (stable)/B (positive) to an investment grade of BBB- or above in the next four years. To help achieve this goal, the central bank has appointed a Sovereign Rating Committee comprised of key stakeholders, including the government, private sector, business leaders, and rating advisors. Last July, the International Monetary Fund also provided a $2.6 billion bailout package.

The government is optimistic about ongoing economic advancement post-conflict. "We are seeing growth in virtually all sectors, after the war ended," stated Cabraal.